Online payment service provider PayU has joined Hamburg based fintech startup Kreditech as an investor. According to Kreditech, the 110 million Euro investment is the largest ever equity investment in a German fintech company. PayU has acquired a significant minority stake in Kreditech, joining existing prominent fintech investors. Raue LLP advised Kreditech co-founder Sebastian Diemer and several early stage investors on the transaction.
Kreditech, founded in 2012, is a provider of consumer loans and digital banking services. The company combines non-traditional data sources and machine learning and according to own statements has processed more than four million loan applications through its subsidiaries in Russia, Mexico, Spain and Poland amongst others. PayU is a leading online payment service provider in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa and offers fast, simple and efficient payment processes for merchants and buyers. The partnership, on which the companies agreed upon as part of the transaction, is the first such strategic cooperation pact between a payment service provider and a technology driven consumer finance company.
(10 May 2017)